2025年1-3月，电信收入方面，我国电信业务收入累计完成4469亿元，同比增长0.7%。电信用户发展方面，截至3月末，千兆宽带用户占总用户数的32.1%，占比较上年末提升1.2个百分点；5G用户占移动电话用户的59.4%，比上年末提高2.7个百分点；蜂窝物联网用户数较快增长；互联网电视（IPTV、OTT）用户持续增加。电信业务使用方面，移动电话和固定电话业务量累计分别下降5.9%和5.3%，短信业务量累计增长21.2%，移动互联网流量累计增长14.8%。通信能力建设方面，截至3月末，光纤接入（FTTH/O）端口达到11.8亿个，比上年末净增2085万个；5G基站总数达439.5万个，比上年末净增14.5万个。

2025年1-4月，电信收入方面，我国电信业务收入累计完成5985亿元，同比增长1.0%。电信用户发展方面，截至4月末，千兆宽带用户占总用户数的32.4%，占比较上年末提升1.5个百分点；5G用户占移动电话用户的59.9%，比上年末提高3.2个百分点；移动物联网用户数较快发展；互联网电视（IPTV、OTT）用户稳步增加。电信业务使用方面，移动互联网累计流量达1199亿GB，同比增长15.6%；移动电话和固定电话业务量累计分别下降5.8%和6.0%；移动短信业务量累计增长22.8%，移动短信业务收入同比增长1.3%。通信能力建设方面，截至4月末，光纤接入（FTTH/O）端口达到11.8亿个，比上年末净增2352万个；5G基站总数达443.9万个，比上年末净增18.8万个。

2025年1-2月，电信收入方面，电信业务收入累计完成2950亿元，同比增长0.9%。电信用户发展方面，千兆宽带用户占总用户数的31.7%，占比较上年末提升0.8个百分点；5G用户占移动电话用户的58.6%，比上年末提高1.9个百分点；蜂窝物联网用户数较快增长；互联网电视（IPTV、OTT）用户稳步增加。电信业务使用方面，移动电话和固定电话业务量累计分别下降5.9%和6.2%，短信业务量累计增长18.3%，移动互联网流量累计增长13.6%。通信能力建设方面，截至2月末，光纤接入（FTTH/O）端口达到11.71亿个，占互联网宽带接入端口的96.5%；5G基站总数达432.5万个，占移动基站总数的34.1%，占比较上年末提高0.5个百分点。

C端应用：强化数据积累与核心算法，构建C端应用增长飞轮。在互联网应用中，用户数据和推荐算法是各平台构建壁垒的核心。在用户飞轮方面，C端应用基于AI技术提高推荐模型效率、借助AI功能优化用户体验，从而提高用户参 与度、积累更多用户行为数据，最终反哺推荐算法的优化升级，其中，Duolingo和Spotify聚焦AI功能迭代，Snapchat和Pinterest则在22H2至23H1对推荐模型进行重大升级。对于订阅平台，AI算法和AI功能的引入，能够吸引更多的付费用户，有效提升用户留存和订阅转化率，驱动企业加大AI投入，从而进一步优化用户体验与推荐效率 ，形成良性循环；对于广告平台，C端应用则依托AI工具提升广告自动化能力，持续优化广告推荐系统，带动广告价值提升，吸引更多广告商投放，推动广告收入增长，最终形成用户与订阅/广告业务的双重飞轮。

Advanced driver assistance system (ADAS) essentially consists of sub-systems and features that work independently or are combined to provide assistance, which is not only restricted to safety but can span over comfort as well as the broad convenience spectrum for drivers of modern vehicles. Aftermarket ADAS includes the retrofitting of ADAS technologies on existing vehicles.

An applicant tracking system is a software application that manages the five stages of the recruitment lifecycle: sourcing, screening, interviewing, hiring, and performance measuring. Its main function is to shortlist and screen applications or resumes based on pre-defined keywords related to job skills, candidate experience, and job locations.

3D printing, also known as additive manufacturing (AM), refers to the process of creating a solid 3D object from a digital computer-aided design (CAD) file. 3D printing has many applications in the education sector (schools, engineering courses, architecture courses, history courses, graphic design courses, geography courses, and chemistry courses, among others). The technology provides various benefits to students and is being widely used by educational institutions across the world.

Three-dimensional (3D) printing refers to the process of producing a physical object using a virtually designed model. 3D printing materials are the raw materials used to produce such objects. Various types of 3D printing materials are required for different applications.

The Geospatial Artificial Intelligence (GeoAI) market represents the integration of geospatial technologies with Artificial Intelligence (AI) to process, analyze, and interpret spatial data in real-time or near real-time. This rapidly growing sector combines Geographic Information Systems (GIS), remote sensing, satellite imagery, as well as AI techniques—such as Machine Learning (ML), deep learning, and computer vision—to extract meaningful insights from location-based data. GeoAI is transforming decision-making across various industries by enabling predictive modeling, automated mapping, and spatial pattern recognition.

An aviation actuator system is a critical component in aircraft that converts energy whether electrical, hydraulic, or pneumatic into mechanical motion to control various functions. These systems operate essential elements like flight control surfaces, landing gear, thrust reversers, and engine components, ensuring safe and efficient aircraft operation in both commercial and military aviation.

恒生指数和恒生科技指数的显著估值优势。截至25年7月1日，恒生指数的市盈率TTM值为10.68，近十年市盈率分位数为63.98% ，股息率高达3.93%。恒生科技指数的市盈率TTM值为20.10，市盈率历史分位数为8.95%，处于历史较低估值水平。全球主要市场相比，年初至今港股市场涨幅位居全球前列，但相较于其他主要市场，在估值水平方面恒生指数及恒生科技指数的市盈率具备吸引力。